This spring has seen some hope building in our Fraser Valley real estate market.
The economy, and particularly the investment market, is always in a tug-of-war between hope and fear, optimism and pessimism. Some anticipate growth, others are wary. When there is a good blend between the two, the economy is healthy, prices rise modestly, and people are able to move ahead with planning for their futures, whether related to housing or other financial matters.
When there is an overabundance of hope, the market takes off too fast. Then there is inflation, houses appreciate rapidly, but interest rates also move up to offset the growth.
For much of the Fraser Valley, the hope side of the equation has been too weak since 2008. In some parts, there have been several bursts of optimism leading to real estate recovery. Until now, though, those bursts have stayed west of the Metro Vancouver line that runs between Langley and Abbotsford on the south side of the Fraser and between Maple Ridge and Mission on the north side. There was a brief one-month teaser east of that line a year ago, but it did not lead to anything sustained.
This spring, however, that “magic line” seems to have been breached. And surprisingly, perhaps, the Mission market has felt it first. That was probably an extension of the up-turn in the Ridge Meadows area; those for whom Maple Ridge is too expensive, ventured a little further to Mission where prices are still more modest. The Mission market has been very strong now for several months, leading to optimism that the rest of the Fraser Valley may follow.
Abbotsford has followed with a little up-tick, itself. Is this just a bit of a surge that is fairly normal in Spring? Or is this a reflection of more local optimism and an extension of the up-turn that may be developing north of the river? And will Chilliwack be next?
We are certainly hoping for that. We have just signed off on another deal in Mission, helping another party get into their dream home.
If you feel that this is the right time to get into the real estate market, before prices take off too much, but you don’t yet qualify for the mortgage you’ll need, then this would be a great time to contact Fraser Valley Rent 2 Own. Perhaps we can help you out with that dream of home ownership before it becomes unaffordable.